Cámara de mezcla

Accounting methods applied for the first time in the

year under review 91

Significance IFRS 10 “Consolidated Financial Statements” relevant IFRS 11 “Joint Arrangements” relevant IFRS 12 “Disclosure of Interest in

Other Entities” relevant

IFRS 10 (Amendment), IFRS 11 (Amendment) and

IFRS 12 (Amendment) “Transition Guidance” relevant IAS 28 (Amendment) “Investments in Associates and

Joint Ventures” relevant

IAS 32 (Amendment) “Offsetting Financial Assets

and Liabilities” relevant

IAS 36 (Amendment) “Recoverable Amount Disclosures

for Non-Financial Assets” relevant IAS 39 (Amendment) “Novation of Derivatives and

Continuation of Hedge Accounting” relevant

• In May 2011, the International Accounting Standards Board (IASB) published the new standards IFRS 10 “Consolidated Financial Statements,” IFRS 11 “Joint Arrangements,” and IFRS 12 “Disclosure of Interest in Other Entities,” as well as amendments to IAS 28 “Investments in Associates and Joint Ventures.” Under the new concept of IFRS 10, control exists when the potential parent company holds decision power over the potential subsidiary based on voting rights or other rights, it is exposed to positive and negative variability in returns from the subsidiary, and these returns may be affect- ed by the decision power held by the parent. Under the new concept of IFRS 11, a distinction is made in a joint arrange- ment as to whether it is a joint operation or a joint venture. In a joint operation, the individual rights and obligations are accounted for proportionately in the consolidated financial statements. In contrast, joint ventures are represented in the consolidated financial statements using the equity method. As part of the adoption of IFRS 11, adjustments were also made to IAS 28.

The new IFRS 12 expands the disclosure requirements for interests in other entities. The amendments relate to clarifi- cations and additional changes to ease transition to IFRS 10, IFRS 11, and IFRS 12. The new standards and the amend- ments to standards must be applied beginning January 1, 2014. The amendments had no impact on the scope of con- solidation.

• In December 2011, the IASB published amendments to IAS 32 “Financial Instruments: Presentation.” The amendment to IAS 32 explains and clarifies the criteria for offsetting finan- cial assets and financial liabilities in the statement of finan- cial position. The amendments had no material impact on the consolidated financial statements.

• As a consequential amendment resulting from IFRS 13, a new disclosure requirement concerning goodwill impair- ment testing in accordance with IAS 36 was introduced for 2013: Previously, the recoverable amount of the cash gener- ating unit had to be disclosed regardless of whether an impairment had been recognized. Since this note had been introduced unintentionally, it was removed through this amendment in May 2013 for 2014. Conversely, the amend- ment now results in additional disclosures if an impairment has actually been recognized and the recoverable amount was determined on the basis of fair value. The amendments had no material impact on the consolidated financial state- ments.

• With the amendment to IAS 39 in June 2013, a derivative maintains its designation as a hedging instrument under hedge accounting even if it is novated to a central counter- party as the result of legal requirements, provided certain criteria are met. The amendments had no material impact on the consolidated financial statements.

The first-time application of the amended standards had no material impact on the presentation of our consolidated financial statements.

Accounting regulations not applied in advance of their effective date

The following standards and amendments to existing standards of possible relevance to Henkel, which have been adopted into EU law (endorsement mechanism) but are not yet mandatory, have not been applied early:

Accounting regulations not applied

in advance of their effective date 92

Mandatory for fiscal years beginning on or after

General standard “Improvements

to IFRS 2011–2013” January 1, 2015

• As part of the IFRS annual improvement project, amendments were made to four standards. Adjustments to the wording of individual IFRSs are intended to clarify existing regulations. The following standards are affected: IFRS 1, IFRS 3, IFRS 13 and IAS 40. The amendments are applicable for the first time for fiscal years beginning on or after January 1, 2015. These new standards and amendments to existing standards will be applied by Henkel from fiscal 2015 or later. Unless otherwise indicated, we expect the future application of the aforementioned regulations not to have a significant impact on the presentation of the financial statements.

Accounting regulations not yet adopted into EU law

In fiscal 2014, the IASB issued the following standards and amendments to existing standards of relevance to Henkel, which still have to be adopted into EU law (endorsement mechanism) before they become applicable:

Accounting regulations not yet adopted into EU law 93

Mandatory for fiscal years beginning on or after IAS 1 (Amendment) “Notes” January 1, 2016 IAS 19 (Amendment) “Defined Benefit

Plans: Employee Contributions” July 1, 2014 IAS 16 and IAS 38 (Amendment)

“Clarification of Acceptable Methods

of Depreciation and Amortisation” January 1, 2016 IFRS 9 “Financial Instruments” January 1, 2018 IFRS 10 and IAS 28 (Amendment)

“Sale or Contribution of Assets bet- ween an Investor and its Associate or

Joint Venture” January 1, 2016 IFRS 11 (Amendment) “Acquisition of

an Interest in a Joint Operation” January 1, 2016 IFRS 15 “Revenue from Contracts with

Customers” January 1, 2017

IFRIC 21 “Levies” January 1, 2014 General standard “Improvements

to IFRS 2010–2012” July 1, 2014 General standard “Improvements

to IFRS 2012–2014” January 1, 2016

These standards and amendments to existing standards will be applied by Henkel starting in fiscal 2015 or later.